The third-ranking Republican in the U.S. House says he'll make a decision after Jan. 1 about whether to launch a bid for the presidency.

Indiana Rep. Mike Pence said Monday he and his family are "determined to take the next few months and pray about" a possible White House run.

Pence won a sixth congressional term this month, then announced he would be stepping down from his position as the House Republican conference chairman. The decision sparked talk that Pence might consider a run for higher office.

His comments Monday came following a speech before the Detroit Economic Club.

Pence laid out his economic vision in the address, saying the U.S. needs to implement a flat tax and other reforms designed to put the country's "fiscal house in order."